California-based battery systems and EV manufacturer Coda Automotive, and its joint venture partner Lishen Power Battery, have today reported that they have managed to secure a total of USD$394 million (AUD$430 million) of investment and lines of credit.
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The pair say the money will help fast track the development of new power and battery systems for its new Electric Vehicle, which is currently under development.

"The money will help quicken development of the car's power system for volume production and support the automaker's ability to manufacture battery systems for transportation and utility power storage," Coda and Lishen said a statement.

The funds secured consist of $100 million in committed equity capital and a $294 million line of credit from Bank of Tianjin Joint-Stock Co, a Chinese commercial bank.

"The US and China face tremendous security and environmental challenges that we intend to address by combining our complementary capabilities and skills," said Coda CEO, Kevin Czinger."This joint venture will accelerate the adoption of new energy technology while creating jobs in the US and abroad."

Coda said it plans to launch its as yet unnamed four-seat EV later this year. The all-electric car is being co-developed with Lishen, a Chinese battery manufacturer who also supply batteries to Vodafone, Samsung, Motorola and Apple.

The new Coda sedan will have a range of up to 160 kilometres from a single charge and is estimated to be priced from USD$45,000 (AUD$49,080). This price will fall to approximately USD$35,000 (AUD$38,172) after State and Federal subsidies.

"The Coda sedan is an all-electric vehicle for everyone. It’s a practical revolution for real drivers who need reliable transportation," said Mr Czinger.

Coda is powered by a 33.8 kwh lithium-ion battery pack and is delivered with a 6.6kW charger which, when plugged in to a standard domestic power outlet, can charge a depleted battery in six hours.

Coda say the car can accelerate from 0-100km/h in under 11 seconds, but is electronically limited to a top speed of 130km/h. They hope to produce 20,000 units annually.

The car will be offered with a 3-year / 100,000 kilometre vehicle warranty and an 8-year / 160,000 kilometre battery warranty.